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ENDORSEMENTS UPDATE 29 May 2008. 1 MRCE Adoption PROGRESS SO FAR Xchanging usage statistics - % of endorsements in MRCE format based upon monthly random.

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Presentation on theme: "ENDORSEMENTS UPDATE 29 May 2008. 1 MRCE Adoption PROGRESS SO FAR Xchanging usage statistics - % of endorsements in MRCE format based upon monthly random."— Presentation transcript:

1 ENDORSEMENTS UPDATE 29 May 2008

2 1 MRCE Adoption PROGRESS SO FAR Xchanging usage statistics - % of endorsements in MRCE format based upon monthly random samples of 300 - 400 endorsements received March 2008 11.50% April 2008 29.00% May 2008 35.25%

3 2 MRCE Adoption PROGRESS SO FAR Xchanging usage statistics The most recent sample shows that 35 out of the 50 brokers in the sample are drafting (some of) their endorsements in MRCE format Here’s a snapshot of how the top 20 biggest users look

4 3 MRCE Adoption BROKERMRCENon MRCE BROKERMRCENon MRCE Alwen Hough Johnson16JLT Reinsurance08 Aon321Lloyd and Partners313 Arthur J Gallagher UK67Lockton Co International53 Benfield25Marsh733 Cooper Gay17Miller Ins Services27 Haywood Avn72Price Forbes215 Heath Lambert42Ropner Ins Services110 Houlder Ins Services17Tyser24 HSBC313United Ins Brokers312 Jardine Lloyd Thompson315Willis6121

5 4 MRCE Adoption BROKER ACTIONS MRCE really can and should be used for changes to any style of original contract – i.e. not only the MRC Drive widespread adoption – eliminate the honeycomb! INSURER ACTIONS Remember – the GUA must be completed by the Leading Underwriter Don’t just sit there and carry on agreeing honeycombs – challenge the brokers and tell them that honeycombs have been consigned to the scrapheap and it’s time to move on!

6 5 eMRCE Adoption The provision of contact details to the MRO As at 28 th May:- 71 Brokers 34 LMA 46 Insurers 12 IUA The details can be found at:- http://www.marketreform.co.uk/RD_P_S_e-MRCE_guidance_pg1.htm

7 6 eMRCE Adoption MEASUREMENT An essential component to the success of this initiative (lessons learnt from the successes of Contract certainty, Legacy, A&S, ECF in contrast with the failures of Kinnect, EPS, et al) Yesterday was the deadline for submitting April data. Has your organisation done so? If not, why not? For those who haven’t developed centralised measurement capabilities, the MRO would much prefer that you send in something as a return rather than nothing – i.e. an estimate would be better than no return whatsoever or failing that, an estimate as to when you think you might be able to submit an eMRCE return Identify your organisation as being a participant – not just a spectator!

8 7 eMRCE Adoption BROKER ACTIONS Culture and behaviour – you have been successfully doing this for years with overseas / non-London market insurers. The only thing holding you back is embedded culture and behaviour along with fear and resistance to change NON-COMPLEX and NON-URGENT contract changes – send them in electronically and see what happens – you may be pleasantly surprised! INSURER ACTIONS Answer the eMRCEs Consider organising yourselves internally to better deal with these types of contract changes which increasingly are being submitted for agreement electronically. Don’t just sit there and carry on agreeing simple endorsements on paper – challenge the brokers and tell them to send them electronically - it’s time to move on!

9 ENDORSEMENTS UPDATE 29 May 2008


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